The Old Irish Pub core holding company has written down its entire investment value to zero, according to the Danish business publication Børsen, following severe financial strains and turbulent labor disputes across its European markets. The Dutch private equity firm Standard Investment, which acquired a majority stake in the pub chain in 2023 with plans for aggressive European expansion, now holds a negative equity of nearly 138 million Danish kroner, equivalent to approximately 200 million Norwegian kroner, alongside a 158 million Danish kroner writedown on goodwill.
Financial Collapse and Equity Write-Downs at Standard Investment
The severe downward revaluation leaves the prominent hospitality holding with virtually no recorded financial value on paper, though the chain itself has not filed for formal bankruptcy. According to financial disclosures cited by Børsen, the parent company slashed its goodwill valuation by roughly 230 million Norwegian kroner. Standard Investment originally stepped in three years ago with a clear mandate: scale the concept rapidly and position the brand among Europe’s largest hospitality operators. Today, those growth projections have vanished from the balance sheets, and founders Kristian and Peder Blak—who opened the inaugural pub in Roskilde, Denmark, in 2013—have completely exited both daily management and the corporate board.
Changing Consumer Behavior and Shift in Nightlife Trends
Martin Mainz, who leads Nordic investments for Standard Investment, attributes the dismal financial performance to unfavorable market conditions in the chain’s core territories. Speaking to Børsen, Mainz explained that the company must reinvent itself to survive a fundamental shift in how younger demographics approach nightlife. Younger patrons are heading out significantly later in the evening, which compresses operating hours and cuts directly into bar revenue. While Mainz emphasizes that the venues still attract many satisfied customers, the shortened duration of customer visits has crippled per-person spending averages across the portfolio, which spans locations in Norway, Denmark, Finland, Spain, and the Netherlands.
Did you know? The Old Irish Pub chain expanded internationally from its Danish roots into five European countries before running into severe post-pandemic spending shifts and structural financial headwinds under private equity ownership.
Labor Turmoil and Mass Firings at Oslo Venues
The financial reset follows a deeply contentious summer for the company’s Norwegian operations. Dagbladet Børsen reported in June that every single employee at The Old Irish Pub branch on Klingenberg in Oslo was stripped of their job on short notice. Staff members received termination notices during a meeting called with just three hours of warning, arriving only weeks after the workers successfully unionized and formally demanded a collective bargaining agreement. Following the layoffs, affected workers initiated a strike, while the hospitality union’s organizing committee publicly accused company leadership of union busting. Management flatly denied those allegations, asserting instead that the sudden closure stemmed strictly from underlying economic and operational realities.
Frequently Asked Questions
Is The Old Irish Pub bankrupt?
No, the pub chain has not filed for bankruptcy. However, its primary owner, Standard Investment, has written down the value of the investment to zero and absorbed a negative equity of roughly 200 million Norwegian kroner.
Why did the owners write down the investment value?
According to Standard Investment Nordic head Martin Mainz, unfavorable market conditions and changing consumer habits—specifically younger patrons going out much later and spending less time in the bars—severely impacted revenue.
What happened to the founders of The Old Irish Pub?
Brothers Kristian and Peder Blak, who launched the brand in Roskilde in 2013, have completely exited the company’s daily management and its corporate board.
Why were employees fired in Oslo?
All staff at the Klingenberg branch in Oslo lost their jobs following unionization efforts and strike actions. While the union accused management of union busting, the company maintained that the closures and layoffs were driven by economic and operational factors.
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